Google the term ‘blockchain’ and you’ll find an endless list of results, starting from the definition of blockchain to how it can transform industries ranging from retail to trucking, health care to finance. And that’s just for starters.
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Blockchain is more than just an instrument of finance, in fact calling it a ledger recording only transactions is misleading. It is more of a ledger recording “agreements.” It is an immutable system which records the history of “deals” made between two or more parties, in which neither party can go back and change the terms.
If you think along these lines, you will realize blockchain has innumerable functionalities apart from merely keeping a record of financial transactions. One such use is transforming the future of supply chain.
Imagine documenting every move of a product in an immutable ledger as it changes hands, generating a long list of interconnected blocks containing complete product lifecycle information. This will give rise to a supply chain ecosystem which is faster, cheaper, and free from any human error threatening its authenticity.
Such a system will impart a range of benefits to the existing supply chain:
If you work in the food sector, the traceability of the raw product and quality are of vital importance, given the alarming rates of food adulteration. The current complicated process of raw product traceability can be eased by utilizing the power of blockchain and advanced tracking tools such as BudboTrax- an advanced logistics tracking tool, which Budbo, is using to track cannabis consignments. Now you will be able to trace every product back to the source of raw material and thereby get an instant, incorruptible report on product history.
Another critical aspect of blockchain is the ease of transactions . By implementing smart contracts – which self-execute should a particular condition be met, the entire process of payments can be made frictionless. As one example, you can have a smart contract to automatically pay the manufacturer should the criteria of on-time delivery and quality be met. The entire ecosystem of blockchain-managed supply chain will allow for quicker, seamless and secure transactions to happen across every level, ensuring everybody gets their due share.
With data validation happening at every stage of transaction or agreement , blockchain imparts an added level of security to the supply chain. Records of documents exchanged, delivery received or product ordered can be stored on this immutable ledger, free from external or internal factors influencing the same. Augmented by smart contracts, the ledger has the potential to transform the current supply management system completely, rather than just automating the process of bookkeeping.
Product traceability is one of the many advantages blockchain offers within supply chains. Product tracking, end-to-end delivery information, and product authenticity are just some of the solutions blockchain offers to critical supply chain challenges.
Budbo, an established U.S. based startup, is now working on Budbo V2.0, a supply chain management solution with even more impressive features for managing and streamlining the cannabis supply chain. Using BUBO utility tokens, every stakeholder in this ecosystem will benefit immensely and immediately from the Budbo Blockchain solution. To learn more about Budbo visit https://budbo.io/.
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